Jockey Club Reach Bond Target in Three Weeks, Extends Deadline

May 17, 2013

The Jockey Club has reached its target of £15m ($22.9m) for its Racecourse Bond in just three weeks and has decided to extend the application period by ten days.

The public were given the chance to invest between £2,000 ($3,049) and £100,000 ($152,481) in the bond, which will pay 7.75% in return, through cash and reward points.

It was the first time such a bond had been offered in British sport and the £15m ($22.9m) raised would be used to develop Cheltenham Racecourse.

The Jockey Club said that ‘as a result of continued demand and a series of requests from potential investors’, it was extending the application period to Tuesday, 28 May.

Paul Fisher, Group Managing Director of Jockey Club Racecourse said: “We’re absolutely delighted to have beaten our target for The Jockey Club Racecourse Bond, which has raised highly-efficient funds for us to invest back into Britain’s second biggest sport through the iconic development we’re planning at Cheltenham Racecourse.”

Investors will receive 4.75% in cash and 3% in Rewards4Racing points which can be used on tickets, hospitality packages and racecards at the Jockey Club’s racecourses.